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Your postal code and insurance premiums

In Ontario, location matters. At least for your auto insurance.

It is well known that where you live impacts your insurance rates: if you live in highly congested, urban areas, you will pay more than your friend in the country. That makes a lot of sense considering you are more likely to be involved in an accident in those settings. Other factors that also drive this trend are higher payouts to urbanites: more expensive cars, higher rates of insurance fraud.

The conservative government in Ontario is looking into eliminating location-based insurance rates. The rationale being we should not penalize people for living in a certain area.

This will be welcome news for residents of Brampton where insurance rates are astronomically high (accidents and insurance fraud are very widespread). It will also be welcome news for residents of other, high-paying areas like Mississauga and Hamilton. However, this also means your rates will increase to pay for those areas.

If you are interested in giving the government feedback on this, you can do this with this survey.

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